Nike Announces Major Layoffs Amid Cost-Cutting Measures

The sportswear giant plans to eliminate 2% of its global workforce, over 1,600 jobs, as part of a broad restructuring to address weaker consumer demand.

Nike CEO John Donahoe takes responsibility for the company's underperformance, attributing the layoffs to a need to reignite growth.
The layoffs will occur in two phases, with the first round starting immediately and the second by the end of May.
Nike's $2 billion cost-cutting plan over the next three years includes streamlining the organization and investing in growth areas like running, women's apparel, and the Jordan brand.
Despite the layoffs, the overall labor market remains strong, with the unemployment rate steady and job additions in January far exceeding expectations.
Nike faces stiff competition from emerging brands and a cautious consumer spending environment, prompting a shift in strategy to focus on innovation and efficiency.

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